Accrued salaries of P 20,000 was overlooked at the end of 2021. What would be the adjusting entry if the error was discovered at December 31, 2022? No adjusting entry is necessary Debit - Retained Earnings, P 20,000; Credit - Salaries Expense, P 20,000. Debit - Salaries Expense, P 20,000; Credit - Retained Earnings, P 20,000. Debit - Retained Earnings, P 20,000; Credit - Salaries Payable, P 20,000.

Accrued salaries of P 20,000 was overlooked at the end of 2021. What would be the adjusting entry if the error was discovered at December 31, 2022? No adjusting entry is necessary Debit - Retained Earnings, P 20,000; Credit - Salaries Expense, P 20,000. Debit - Salaries Expense, P 20,000; Credit - Retained Earnings, P 20,000. Debit - Retained Earnings, P 20,000; Credit - Salaries Payable, P 20,000.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 16E: Dudley Company failed to recognize the following accruals. It also recorded the prepaid expenses and...

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Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000
Dudley Company failed to recognize the following accruals. It also recorded the prepaid expenses and unearned revenues as expenses and revenues, respectively', in the following year when paid or collected. The reported pretax income was 20,000 in 2018, 25,000 in 2019, and 23,000 in 2020. Required: 1. Compute the correct pretax income for 2018, 2019, and 2020. 2. Prepare the journal entries necessary in 2020 if the errors are discovered at the end of that year. Ignore income taxes. 3. Prepare the journal entries necessary in 2021 if the errors are discovered at the end of that year. Ignore income taxes.
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Accrued rent income of P 25,000 was overlooked at the end of 2021. What would be the adjusting entry if the error was discovered at December 31, 2022? Group of answer choices A. Debit - Retained Earnings, P 25,000; Credit - Rent Income, P 25,000. B. No adjusting entry is necessary C. Debit - Rent Income, P 25,000; Credit - Retained Earnings, P 25,000. D. Debit - Rent Receivable, P 25,000; Credit - Retained Earnings, P 25,000.
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